Gold price today | 17-May-2013

Gold prices pared some of their losses in evening session of trade and managed to regain Rs 26,000 per ten grams level amid volatile trade but failed to return from losing streak by falling Rs 179 to Rs 26,131 per ten grams in futures trade Thursday as speculators made some entry in line with global trend.

At the Multi Commodity Exchange (MCX), gold for delivery in June, fell by Rs 179 to settle at Rs 26,131 per ten grams as against its previous close of Rs 26,310.

Silver for delivery in July slipped by Rs 52 to Rs 43,262 per kg compared to Rs 43,314 on Wednesday.

In spot market of Delhi, gold prices crashed by Rs 500 to one-month low of Rs 26,800 per 10 grams on heavy selling by stockists driven by weak global trend.

This fall was in continuation to a steep fall of Rs 600 yesterday to hit a level last seen on April 17, after the metal tumbled in overseas markets driven by reports investors cutting their holdings.

Silver also plunged by Rs 1,000 to Rs 43,700 per kg on poor offtake by industrial units and coin makers.

Gold prices in overseas markets, which normally set price trend on the domestic front, fell to their weakest level in almost a month today, hurt by a firmer dollar and as holdings in exchange-traded funds fell to the lowest in over four years, potentially stretching bullion’s losing streak to a sixth day.

Including Thursday’s loss, prices have fallen 5.9 percent in six straight trading sessions, their longest losing streak since March 2009. They settled Thursday at their lowest since April 17. The drops have already helped to fuel another scramble for bullion that has push Asian premiums for physical gold to record high.

In New York, gold for June delivery on Thursday fell by USD 9.30, or 0.7 percent, to settle at USD 1,386.90 an ounce on the Comex division of the NYMEX.

Gold is around USD 60 away from two-year low hit in mid-April. Prices have fallen nearly 18 percent this year and are well below a record top near USD 1,920 struck in September 2011.

Gold prices sank to around USD 1,321 on April 16, the lowest in more than two years, in a sell-off that surprised ardent gold investors and bulls.

Chennai

Standard gold price moved lower by Rs 510 to Rs 26,580 per ten grams as against its previous close of Rs 27,090.

In the national capital, gold of 99.9 and 99.5 per cent purity plunged further by Rs 500 each to Rs 26,800 and Rs 26,600 per 10 grams, respectively. Sovereigns also dropped by Rs 300 to Rs 23,700 per piece of eight grams.

Silver ready dropped by Rs 1000 to Rs 43,700 per kg and weekly-based delivery by Rs 940 to Rs 43,940 per kg. Silver coins too tumbled by Rs 1000 to 74,000 for buying and Rs 75,000 for selling of 100 pieces.